All Reports


July 2016

Asian Equity Monthly Outlook

We continue to see good value in Asia Pacific ex-Japan equities for long-term investors. We continue to advocate that Asia is ultimately a net beneficiary of lower-for-longer commodity prices and offers significant growth opportunities led by infrastructure development, albeit contingent on positive government action.

Asian Fixed Income Monthly Outlook

We expect the impact of Britain’s exit from the EU on Asia’s economic activity to be relatively muted, as the region has comparatively low trade links with the UK. Plus updates on US Treasuries, Singapore, India, South Korea, Thailand, Indonesia, and others.

The Nikko AM URAP Index: Identifying Stocks Which Show Consistent Improvement in ROE

This report looks at the Japanese Stewardship Code and its impact on Japanese companies' approach to ROE. It also introduces the Nikko AM URAP Index. URAP stands for “Upside in ROE at an Attractive Price”.

June 2016

Brexit - Japan Equity Update

In light of the significant volatility ensuing from the results of the EU Referendum in the UK, we share our initial thoughts on the evolving situation as well as provide an update on the strategy you are invested or have an interest in and the implications of the event on the broader investment landscape in Japan.

Brexit - Asian Fixed Income Update

The immediate fallout from the Brexit win has been a strong flight to safety.

Asian Equity Monthly Outlook

Asia ex Japan equities declined by 1.3% in USD terms in May, largely on the back of currency weakness.

Asian Fixed Income Monthly Outlook

US Treasury yields remained largely unchanged in May. The impact of a disappointing US payroll figure was offset by the release of the US Federal Reserve’s April meeting minutes, which revealed that most policymakers favoured a rate hike in June should the US economy continue to improve.

Global Fixed Income and Credit Outlook

Continued easy monetary policy in Europe and Japan will be supportive for global interest rates, but the case for further limited rate hikes in the US remains in place for 2016.

May 2016

Asian Equity Monthly Outlook

Asia ex Japan edged lower in April, most currencies depreciated against the USD.

Asian Fixed Income Monthly Outlook

Yields of USTs climbed steadily for the most part in the month. Hopes of stabilization in the Chinese economy, due to recent economic numbers printing better than expected, underpinned demand for riskier assets.

March 2016

Emerging Markets Quarterly - US Dollar Weakness Offers Relief

2016 began in complete panic, with risk assets including emerging markets selling off deeply through the first few weeks of the year. This was then followed by the strongest rally since 2012.

January 2016

Emerging Markets Quarterly - Macropolitical Risks Continue to Dominate

In early 2016, hedge fund Nevsky Capital decided to call it quits after 15 years of successful asset management. One of the reasons for the closure is that since the global financial crisis, emerging markets are breaking away from the transparent 'Washington Concensus' model.